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When marketers carefully develop a set of product attributes such as the brand name, features/design, and quality level of an offering, they are developing the
core customer value.
Introduced in 1920, Band-Aid now has more than 40 products to help heal cuts and scrapes. Band-Aid has, over the years, increased their
product line depth.
product mix breadth.
product line breadth.
augmented product line.
Companies like Tiffany’s go to great lengths to protect themselves through the use of trademarks and copyrights. This best represents which of the following advantages of branding?
Brands facilitate purchases.
Brands establish loyalty.
Brands protect from competition.
Brands can reduce marketing costs.
Brands are assets.
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service is referred to as
Brand equity is determined by four aspects of a brand. Which of the following is NOT one of the four aspects?
_____involves a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee.
The process by which goods, services, capital, people, information and ideas flow across national borders is referred to as
If a firm wants to conduct a country market analysis, it must look at major economic factors using well-established metrics. Which of the following is NOT a major economic factor that the firm would consider?
Because the United States imports more goods than it exports, it operates under a(n)
The most widely used metric used to gauge the size and market potential of an economy is _____ , which is defined as the market value of the goods and services produced by a country in a year.
Firms prefer to manufacture in a country that has _____ because it signals a greater opportunity to export products to more markets.
_____ includes both the market value of the goods and services produced by country in a particular year plus the net income earned from investments abroad.
Basket Weavers, Inc ships their prized bread basket to two countries (countries A and B) where the exchange rates are in equalibrium. If Suzy purchases the basket in country A and her friend purchases in country B for the same price this is an example of which of the following metrics?
In terms of market size and population growth rate, which of the following is a trend that is occurring in the world market that impacts the marketing of goods and services?
Market growth, market competitiveness, and market access are all important factors in analyzing which criteria of segment attractiveness?
General Motors targets several different market segments and designs separate automobile makes and models for each. This is an example of
Mr. Dennison knows each and every child who comes in to his Kumon reading center, and prides himself on knowing how he can personally address each of their reading challenges. What type of market coverage strategy is Mr. Dennison employing in his business?
Anita is conducting a country market assessment, and is focusing on four key elements: distribution channels, transportation systems, communication systems, and commerce. In doing so, Anita is evaluating which component of the market assessment?
The United States wants to limit the amount of a product that can be imported into the country for a period of time by setting a maximum import quantity. In order to do so, the United States should institute
The measure of how much one currency is worth in relation to another is referred to as
All of the following are major existing trade agreements
Which of Hofstede's cultural dimensions relates to a willingness to accept social inequality as natural?
Which of the following accurately represents the countries that make up what is known as the BRIC countries?
If a small business wants to take the least risky strategy to enter its first foreign market, it would choose which of the following global entry strategies?
_____ involves a binding contractual agreement between two businesses whereby the marketing operations are tightly controlled and often standardized.
Although they do not directly invest in one another, independent firms entering into collaborative partnerships to expand globally are called
A(n) _____ forms when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership, control, and profits are shared.
BMW, the German company that manufactures automobiles, motorcycles, and other products, owns and operates a manufacturing plant in Spartanburg, South Carolina in the United States. This is an example of which global entry strategy?
Which global entry strategy has the highest degree of risk?
A strategic alliance
A joint venture
The global product strategy a firm chooses depends on
the needs of its target market.
Although China represents one of the largest markets for soup in the world, Campbell’s Soup Company had to invest considerable time and effort in making changes to its existing products because Chinese people are accustomed to preparing their soup fresh. This is an example of ______________
In the process of ______, companies initially develop products for niche or underdeveloped markets, and then expand them into their original or home markets.
In pricing products in parts of Europe, including Italy, Spain, Greece and France, U.S. companies need to be aware that sales (i.e. temporary promotional discounts)
must be advertised.
must last for three weeks.
must be at least 30% off.
are allowed only twice per year.
The fact that Mercedes-Benz is known by three Chinese names in Asia—peng zee in Cantonese for Hong Kong, peng chi in Mandarin for Taiwan, and ben chi in Mandarin for mainland China—illustrates the importance of developing different _____ for global markets.
When a firm evaluates its overall mission, including its strengths, weaknesses, opportunities, and threats, it is engaged in which step of the segmentation targeting and positioning process?
Establishing overall strategy or objectives
Determining segmentation methods
Evaluating segment attractiveness
Selecting the target market
Developing the positioning strategy
Which step in the STP process develops descriptions of the different segments, which helps firms better understand the customer profiles in each segment?
Establish overall strategy or objectives
Select segmentation method
Develop positioning strategy
Evaluate segment attractiveness
Select target market
Lawn care products manufacturer Scotts, has developed easy-to-follow, annual lawn care programs to help homeowners develop thick, green lawns that will combat weeds, insects, and diseases. The specific steps that must be used and their timing vary based on climate. What type of segmentation should Scotts use as the basis to design these programs?
_____ segmentation, the most common means to define segments, involves defining groups based on characteristics such as age, gender, income, and education.
Behavioral segmentation based on when a product or service is purchased or consumed is called _____ segmentation.
Jack describes himself as having a strong need to belong to a group, which motivates him to seek out activities that involve others. Marketers would use this type of information when developing _____ segments.
During which step of the STP process do marketers ask whether the segment is identifiable, substantial, reachable, responsive, and profitable?
The publishing conglomerate, Conde Nast is able to purchase mailing lists of people who have bridal interests, knowing that its Modern Bride magazine customers are somewhat distinct from those who subscribe to GQ. In terms of evaluating segment attractiveness, this is a way of assuring the segment is
In order for segmentation strategy be successful, the customers in the segment must react similarly and positively to firm’s offering, corresponding to which of the following criteria for evaluating segment attractiveness?
In order for the ______ criteria to be met when evaluating segment attractiveness, the consumer must know the product or service exists, understand what it can do for him or her, and recognize how to buy it.
When everyone might be considered a potential user of its product, a firm likely uses a(n) _____ targeting strategy.
A manufacturer of t-shirts concentrates all its efforts on cost containment by offering the product in only one size but in a variety of colors, using a one-size-fits-all approach. This involves a _____ targeting strategy.
Large firms with multiple offerings in a particular product category engage in _____ targeting strategies to obtain a bigger share of the market, increase the overall market for the product categories they sell, and to diversify their businesses.
When an organization selects a single, primary target market and focuses all its energies on providing a product to fit that markets needs it is using a(n) _____ targeting strategy.
Land’s End allows customers buying shirts to choose from a variety of fabrics, types of collar and sleeve, based on the customer’s specific measurements, capitalizing on new technologies to mass customize its products and services. This is an example of
Which of the following best describes the notion of “market positioning?”
-The position that a company holds in the market in terms of size relative to competitors.
-The process of increasing a firm's overall sales and as a result, increasing its market share.
-The place the product occupies in consumer’s minds relative to competing products.
-The geographic location of the headquarters of a corporation.
-A group of organizations that have similar wants and needs.
The positioning strategy can help communicate a brand’s _____, representing the unique value provided to customers.
Volvo is known for its superior safety and performance features. They focus their communication efforts to reinforce this perception. This is an example of
positioning based on product attributes.
positioning based on symbolism.
positioning against a specific competitor.
positioning using perceptual mapping.
positioning based on profit potential.
The Nike swoosh is an example of which of the following positioning tools to create a position for the brand that distinguishes it from its competitors?
Positioning based on product attributes
Positioning based on symbolism
Positioning against a specific competitor
Positioning using perceptual mapping
Positioning based on profit potential
_____ is a tool used to visually display how consumers perceive the position of products or brands in the market on different dimensions relative to competitors.
An ideal point
An optimal point
A competitive map
A perceptual map
The _____ indicates where a particular market segment's ideal product lies on the perceptual map.
What is the first step marketers use to derive a perceptual map?
Identify competitors' positions
Determine consumers' perceptions and evaluations of the product or service in relation to competitors
Monitor the positioning strategy
Identify the market's ideal points and size
Determine consumer preferences
When the bicycle manufacturer, Trek determined that some consumers use bikes for green transportation, whereas others use them for a thrilling hobby, they were most likely assessing the _____ of its bicycles to consumers.
core customer value
When marketers develop nonphysical aspects of an offering by adding warranties, financing and after-sales service, they are focusing on the
Insurance companies expend a lot of effort marketing their offerings, mainly due to the fact that insurance is _____ that consumers don’t normally think about much.
a specialty product
a shopping product
a convenience product
an unsought product
an augmented product
In the new product development process, when companies provide brief written descriptions of the product and what customer needs it would satisfy, sometimes including visual images of what the product would look like it involves
Firms with products in the _____ stage of the product life cycle either position themselves for a niche segment of diehard consumers or those with special needs, or they completely exit the market.
When Megan purchased several bottles of Pepsi beverages and snacks to bring to her family’s holiday celebration, it represented the purchase of
Francesca spent a lot of time shopping for her wedding dress, spending considerable time and effort visiting some of the finest bridal shops in the area. For Francesca, her wedding dress is a(n) _____ product.
Brian never spends a lot of time or thought picking up lunch when he is at work. For him, lunch items would be considered to be _____ products.
The complete set of Kellogg’s offerings, representing its _____ includes ready-to-eat cereal, toaster pastries, wholesome portable breakfast snacks, cookies, crackers, and natural and organic brands.
Kellogg’s has a variety of brands in its cookies and crackers _____, including Cheez-Its, Keebler Townhouse Club crackers, Famous Amos cookies, and Keebler Fudge Shoppe.
In response to increased consumer demand for healthful beverages, companies like Coca-Cola and Pepsi introduced new product lines like fruit juice to _____ their product mix.
increase the depth of
decrease the depth of
increase the breadth of
decrease the breadth of
Poland Springs produces a variety of bottled water beverages, and as the market continues to show growth potential for new flavors and varieties of bottled water, the company should _____ its product lines.
If a firm deletes an entire product line, it has
increased its depth.
decreased its depth.
increased its breadth.
decreased its breadth.
The earning potential of a brand over a 12 month period is known as its
Nike, KitchenAid and Sony are all examples of the use of _____ brands.
The majority of the brands marketed in the United States are _____ brands.
As the size of retail firms has increased through growth and consolidation, more retailers have developed_____ merchandise,which they use to establish a distinctive identity.
The Victorinox Swiss Army Company is well known for its Swiss Army knives. The company also makes and markets its Swiss Army brand of watches, travel gear, cutlery and even fragrances. This represents a _____ strategy.
In a failed attempt at extending its brand to a new product line, Bic introduced a line of disposable underwear. The brand extension adversely affected consumers’ perceptions about its current product lines, this could lead to
For most products, the UPC code would be located on the _____ package.
The primary federal agency that review food and package labels to ensure that the claims made by the manufacturer are true is the
Package Labeling Bureau.
Food and Drug Administration.
Federal Trade Commission.
American Marketing Association.
Consumer Protection Agency.
_____ refers to the process by which ideas get transformed into new offerings, including products, services, processes, and branding concepts that will help firms grow.
According to your text, some estimates indicate that only about _____ percent of new products actually succeed.
In managing its product portfolio, 3M demands that a specific percentage of its yearly sales come from new products introduced within the previous few years in order to better with stand external shocks and
respond to fashion cycles.
change customer preferences.
improve business relationships.
hedge against market saturation.
manage risk through diversification.
_____ refers to the process by which the use of a product, service or process spreads throughout a market group, over time and across various categories.
The product life cycle
Diffusion of innovation
The introduction of the Apple iPod is an example of _____ because its introduction to the market radically changed consumer preferences and the entire competitive landscape.
an early adopter
As _____, one of the advantages that pioneers have is they create a new market or product category, establishing a commanding initial market share lead.
Tyler is highly knowledgeable about new developments in bicycling technology, since he reads everything he can find about the subject. Typically being the first to try out new bicycle models, he would be classified _____ in terms of the diffusion of innovation curve.
as a laggard
as an innovator
as an early adopter
in the late majority
in the early majority
Although they enjoy novelty and are considered to be opinion leaders, _____ are not the first to purchase new product innovations.
the late majority
the early majority
_____ represent(s)a substantial portion of the population, and few new products and services can be profitable until this large group buys them.
The late majority
The early majority
The last group of buyers to enter a new product market are _____, and when they do, the product has achieved its full market potential.
In some cases, _____ may never adopt a certain product or service, since they rely on traditional products until they are no longer available.
A product that is perceived to be better than most substitutes is said to have _____, which should serve to speed up the diffusion process.
a relative advantage
When a superior product is offered in a foreign market where cultural differences slow down the diffusion process, it would be attributed to low levels of
People who get Botox treatments consider it to be a private matter, therefore, they do not discuss it with others. This lowers the level of _____, slowing down the diffusion process.
_____ relates to how easily consumers can test and use the product.
rev: 08_24_2013_QC_ 33238
In the new product development process, companies have a variety of ways for _____ including outsourcing, brainstorming, licensing and customer research.
_____ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents, if any exist.
The _____ stage of the new product development process can involve the development of a prototype for alpha or beta testing.
In order to examine the potential success of its 1/3-pound Angus hamburger, McDonald's started offering and promoting the product in three southern cities. This move is an example of
The _____ stage of the new product development process requires tremendous financial resources and extensive coordination of the marketing mix to roll out the product.
The most common type of consumers in the introduction stage of the product life cycle are the
At which stage in the product life cycle do sales experience their most rapid increase?
In the United States, most consumer packaged goods found in grocery and discount stores are already in the _____ stage, which is characterized by the adoption of the product by the late majority and intense competition for market share among firms.
Which of the following represents the most fundamental difference between a good and a service?
Service providers must offer cues to reinforce the benefit or value of what will be offered, to overcome the _____ nature of their offering.
The concept of services being _____ highlights the fact that a hair stylist can positively impact the overall customer experience by having a friendly, attentive attitude.
Bank tellers have been replaced by ATMs, which provide consistent levels of service, and are never late, sick, or in a bad mood, thus overcoming the _____ nature of services.
Services are _____ in that they cannot be stored for use in the future.
Demand for movie tickets is high on weekends and holidays. To compensate for low ticket sales during the week, some movie theaters offer discounted tickets to stimulate weekday demand. This is an example of the _____ nature of services.
The Gaps Model is designed as a diagnostic tool to highlight specific areas where
marketers deliver better quality service compared to the physical goods they sell.
manufacturers are cutting costs on product quality.
marketers are falling short in their service delivery.
marketers can take advantage of unsuspecting customers.
there is a gap in product quality compared to service quality.
The _____ gap reflects the difference between customers’ expectations and the firm’s perception of those customer expectations.
The _____ gap pertains to the difference between the firm’s perceptions of customers’ expectations and the service standards it sets.
The _____ gap is the difference between the firm’s service standards and the actual service it provides to customers.
After Jennifer booked a hotel room she had seen advertised, she discovered that the price advertised was not available during the weekend, and a three-day minimum stay was required. This is an example of a _____ gap.
The Marriott Hotels invest heavily in employee training and supports this with a structure for rewarding its workers for their dependability and accuracy. This corresponds to which of the following building blocks of service quality?
_____ is a customers' perceptions of how well a service meets or exceeds his or her expectations.
Zone of tolerance
The Marriott Hotels has a customer relationship management system whereby the preferences of regular customers are tracked and used to anticipate customer desires and special requests, which helps to facilitate the registration process. This corresponds to which of the following building blocks of service quality?
Medical professionals often hang framed copies of their educational accomplishments in order to convey their competence in their field, thus addressing the _____ dimension of service quality.
Mercy Hospital uses patient questionnaires to determine that the bedside manner of each of its doctors on staff meets patient needs, thus monitoring the _____ dimension of service quality.
Dr. Winwood’s dental office staff makes sure the waiting room is clean, and that the magazines are current and accessible to patients, thus addressing the _____ dimension of service quality.
The _____ measures the difference between what the customer really wants and what he or she will accept before going elsewhere.
zone of tolerance
dimensions of service quality
What does it mean when a firm’s performance on one of the dimensions of service quality is above the highest point in the zone of tolerance?
The firm is overcharging for its offerings.
The firm has achieved its highest level of profitability.
The firm has the opportunity to reach new customer segments.
The firm has exceeded customer expectations on that dimension.
The firm has fallen short of meeting customer expectations on that dimension.
_____ means allowing employees to make decisions about how service gets provided to customers.
The zone of tolerance
The zone of assurance
Service providers require the systems and equipment to deliver the service properly. This is known as _____.
The key to distributive fairness is
charging low prices.
hiring experienced workers.
never having a service failure.
listening carefully to the customer.
training customer service employees.
In a service recovery situation, the extent to which a customer perceives the benefits of the “solution” compared to the costs of the inconvenience associated with the service failure will determine the level of
the zone of tolerance.
the communication gap.
With regard to complaints, _____ refers to the perceived fairness of the process used to resolve them.
the zone of tolerance
the standards gap
Customers tend to believe they have been treated fairly if the service providers follow specific company guidelines. This is the idea behind